MUMBAI: Stating that the media industry is looking up after a long bad patch, diversified media group Network18 has announced launch of a slew of initiatives, including a Gujarati business news channel and its second general entertainment channel.

The group runs the oldest English business news channel CNBC-TV18, general news channel in English CNN-IBN and a Hindi business news channel CNBC-Awaaz. It will soon launch a Gujarati business news channel 'CNBC Bazaar', group's Chief Executive Officer B Sai Kumar said here last evening.

Network18 also runs several regional news channels and over a dozen periodicals, including the Forbes.

Group Founder and Managing Director Raghav Bahl said, "The media industry is doing well at present, and this is something which has been in the making for the last 10 years."

Apart from the Gujarati business channel, the group, which already runs the news and analysis website Firstpost.com, will be launching the country's first online pink paper called 'Firstbiz.com' in couple of weeks.

It may be recalled that the group, in which the Mukesh Ambani-led Reliance Group indirectly owns controlling stake, was in the news recently for sacking nearly 400 employees in a sudden move last August.

According to industry watchers, the drying up of advertising revenues because of the slowdown has hurt the industry, which had expanded very aggressively before the onset of the global financial crisis in 2008.

On the entertainment channels front, Kumar said the company will be launching 'MTV Indies' with 100 per cent local content in the next 15-20 days and also 'Rishtey', the second general entertainment channel (GEC) after Colors, which is a JV with Viacom.

Kumar described the recent moves on the regulatory front, especially on digitisation and changes in TV rating methodologies as "game-changers" and said the group will be keenly watching how these plans are implemented.